India’s Diwali sales reached a record Rs 5.40 lakh crore in goods and around Rs 65,000 crore in services this festive season. This surge supported by GST reforms and strong consumer demand, according to industry data released on Tuesday. It represents the highest turnover ever during this festival period in the history of the country’s retail and trading sectors.
Diwali sales touch Rs 5.40 lakh crore
CAIT Research and Trade Development Society, the research wing of the Confederation of All India Traders (CAIT), reported that sales between Navratri and Diwali grew by 25 % compared to last year’s Rs 4.25 lakh crore. Mainline retail made up nearly 85 % of total sales, indicating a recovery in physical stores.
Analysts noted that the reduced GST rates on key consumer and retail items, including confectionery, footwear, home decor, ready-made garments, consumer durables, and daily-use products, improved price competitiveness and boosted demand.
Cross Pakistan’s Annual Budget and GDP of 86 Nations
About 72 % of traders surveyed said they experienced higher sales volumes directly linked to lower GST rates. Consumers appreciated the stable prices, that helped maintain purchase momentum after Diwali. The non-corporate and non-agricultural sector, consisting of over 9 crore small businesses and numerous manufacturing units, continues to drive India’s economic growth, backed by the country’s large consumer base.
The festival trade also create temporary jobs for nearly 50 lakh people across logistics, transport, retail assistance, packaging, and delivery, as noted in the survey. Increased spending power in rural and semi-urban areas accounted for almost 28 % of total sales, highlighting the economic reach beyond metropolitan areas.